The Korean government has set the goal of seeing Korean green companies achieve 100 trillion won in overseas exports by 2027. To this end, it plans to proactively discover demand for overseas environmental businesses. In particular, it aims to build a sustainable foundation for an overseas expansion by actively targeting demand for environmental solutions in developing countries such as those in Southeast Asia, Central Asia, and Latin America.
The Korean Ministry of Environment announced a plan to foster a globally leading climate and environment of green industry in Korea at a meeting of emergency economic ministers at the Korean Government Complex in Seoul on Feb. 26.
First of all, the Korean government will foster world-class green companies by fostering 10 green unicorn companies and 1,000 green startups by 2027.
Specifically, the Korean government will expand support for youth-oriented startups. One thousand green startups will be fostered through a discovery of companies with innovative ideas and technologies and customized support for each stage. It will provide startup consulting, commercialization funding, the provision of demonstration sites, support for securing sales channels, and overseas expansions.
In particular, the Korean government will expand loans and green policy financing, and also support the issuance of new green bonds and green asset securitization for small and medium-sized enterprises. This will cost a total of 3.16 trillion won.
To help promising small green companies grow into green unicorn companies, the Korean government will focus on giving support for commercialization, helping them move into green industry clusters and attract investments, providing them with loans and public relations consulting.
Efforts will also be made to strategically secure and commercialize innovative technologies in the green industry. In particular, the Korean government will pump up its efforts to help Korean companies develop 10 world-class green technologies such as climate technology and create energy with waste, so that they will be able to produce positive tangible results faster and boost their competitiveness.
The Korean government will set up 10 green convergence clusters by 2028 to secure a domestic growth base for the Korean green industry. New green convergence clusters linked to regional industries will be created and specialized clusters for the water industry will be strengthened.
The Korean government will create a green convergence cluster-regional model and create an ecosystem for green industry jobs for those in rural areas. In particular, it will promote the development of specialized human resources for the water industry according to a demand-tailored water industry human resource development road map based on predictions on the maturity period of each technology by 2030.
The Korean government will expand fuel production facilities that convert bio-gas produced from organic waste into bio-hydrogen to create a new market for bio-energy. It aims to produce 3,960 tons per year by 2030.
The Korean government also drew up a plan to achieve 100 trillion won in overseas exports by 2027 by building a sustainable foundation for overseas expansions. In particular, it is planning to take the lead in exploring demand for environmental projects abroad. Apart from targeting demand for solutions to tackle environmental challenges in developing countries such as Southeast Asia, Central Asia, and Latin America, it will actively respond to demand for green conversion technologies by region.
Furthermore, the Korean government will reorganize subsidies to put more high-performance eco-friendly vehicles on roads in Korea. For electric vehicles, the government will overhaul its subsidy program to zero in on entry-level and high-performance vehicles and promote the popularization of electric vehicles by providing differentiated support based on mileage, charging speed and battery recyclability.